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as you point out for more than a point. republicans concerned about the impact of the pentagon budget if this goes through. >> when people talk about the fiscal cliff most of the attention is about taxes going up and that being the so called fiscal cliff but the other side of that cliff is that the massive spending cuts automatic cuts are kicking in at the beginning of next year. largely targeted at the pentagon. and what is interesting is all of this deal making we are talking about on capitol hill would really just focus on unemployment benefits and tax side of the cliff as i mentioned and most of deals it appears would not shut off the so called sequester that would hit the pentagon. on "fox news sunday" senator lindsey graham told chris wallace he got a call from the defense secretary suggesting these cuts are coming. lake a listen. >> i was called by leon panetta at 7:30 during dinner. >> secretary of defense. >> this is the failure of the supercommittee to find $1.2 trillion in cuts. half of the 1.2 falls on defense who already cut. he says if we do this we will shoot the defens
pretty hard things well. one is to lead the pentagon out of afghanistan, lead our military into redefining itself as to what does it do? why do you serve in the post-post-9/11 era? second, lead the country in more defense spending cuts, which is coming. and third thing is really to lead the nation through a discussion of what's our military for in the post-post-9/11 era? what's the role of counterterrorism? what are the limits of counterterrorism? what are we doing in asia? how do we work with our allies in china and asia? where has the pentagon taken powers that maybe need to go back to the civilian agencies? those are three enormous jobs that require you to work well with congress, to work well with the defense industry, to be trusted with our men and women in uniform and to have a really close relationship with the president. that's a big job description. >> so if we paint this sort of job description as guiding the pentagon through that period, it sounds like reimagining. how do you see the strengths and weakness of the front runners? >> the first thing to say about sen
confirmation vote in the senator, the decision to float hagel for the pentagon is having the opposite effect. >> i think this will be a very tough confirmation process. >> a lot of republicans are asking hard questions and i don't think he's going to get many republican votes. i think it would be a challenging nomination. >> in another distress signal for the white house, the former vietnam vet and nebraska senator was unable to secure the backing of the number three democrat in the senate. >> that's his choice. i think once he makes it, his record will be studied carefully, but until that point, i think we're not going to know what's going to happen. >> can you support him? >> i'd have to study his record. i'm not going to comment until the president makes a nomination. >> wow. schumer's was the sign of this nomination's downward trajectory. after watching on tv, mike allen wrote he received an immediate e-mail from an astute republican official saying, pass the jam, he's toast. so is it game over for hagel? the white house certainly seemed to be backtracking this weekend. a senior official
at the pentagon and other government agencies. let's bring in "usa today" washington bureau chief susan page and "the washington post" congressional reporter ed o'keefe. good morning to both of you and happy new year. >> good morning. >> same to you. >> the senate returns in about an hour. how close are they? what are you hearing? >> you know, i think it is conceivable that we'll have a new year's eve miracle and there will be a deal but i think the safe bet is against it. for this to happen in the next 14 hours you need to have no senator object to a majority vote, you know, any senator can start to filibuster and force the vote total up to 60 to continue working on any kind of deal they reach. and then you need john boehner to agree and house republicans to agree to bring it up in the same version or very similar version and i think the hurdles that have prevented us from getting a deal for two years are still there. so, i mean, we'll see what the next 14 hours brings but i wouldn't be too optimistic. >> if the senate does manage to hammer out a deal what are the chances the house will go
teal the pentagon is bracing for $500 billion but that is over the next decade and raises questions how military leaders plan to keep the nation safe. >> last friday when president obama rolled out his new plan for steering us away from the fiscal cliff there was word he did not say, that word was, sequester, the sequester would automatically cut more than a hundred billion from the budget next year, half from domestic programs and half from defense programs. as the deadline draws close, experts are looking at national security standpoint and warning one final time about the impact on the safety of our service members. >> it's going to affect the operational force that is deployed in terms of its ability to maintain equipment, to get repair parts. that force is delayed around the world, not just the force in afghanistan that is being reduced. it would impact on the training of the force and preparedness. >> reporter: white house officials say it's unclear what is going to happen. on friday john mccain said he doesn't see how a deal gets done without addressing the cuts. >> a lot of defe
that the pentagon says. but is it? chris lawrence has a closer look. >> reporter: to hear the pentagon tell it -- >> sequestration, therefore if it were allowed to happen, will introduce senseless chaos. >> the fiscal cliff -- >> sequestration will have a chaotic effect on the force. >> reporter: is akin to armaggedon. >> i worry about being blindsided by a huge cut because they don't have the strength or courage or guts to do what they have to do. >> happy holidays. >> reporter: the cliff would cut $500 billion in defense spending, but spread out over the next ten years. would these cuts really be that bad? >> absolutely not. >> reporter: analyst ben freeman argues the pentagon can survive on a smaller budget. >> it will drop a little bit. but not catastrophic, doomsday, any sort of hyperbole. >> reporter: perhaps the navy would have to buy less expensive, less advanced fighter jets instead of the new f-35. or the pentagon would have to cut the number of soldiers and marines back to the numbers before 9/11. >> sequestration would risk hollowing out our force. >> reporter: pentagon official
and they will be steep. of the $1.2 trillion in total spending cuts over nine years, $492 billion come from the pentagon. defense analysts say the impact on the military would be serious. >> the pentagon and the department are already in financial trouble. because there has already been $480 billion cut. to take another cut is devastating. >> it will make it channeling for the military to maintain the troops. equipment and preparedness. the larger defense industry also will be hit. >> severe budget cuts could put the natural security at risk if the company that make the f-35 fighter or artillery pieces don't have the money to keep going. >> my district would be adversely affected and defense spending cut by $8 billion. >> how did we get to this place? >> in budget battle, the 2011 spending cut put in as unthinkable trigger to force the lawmakers to find a way to cut spending. so far, they haven't found a way here we are. >> to make it unpalatable, they insist it comes out of the defense budget. conservatives think is much, much, much too har. >> defense secretary leon panetta said the pentagon has been
action. our pentagon correspondent barbara starr interviewed one of the moms whose child was alle allegedly mistreated. >> all along this first week when we were being given peace meal information, denied access to videotapes, we were being asked if we wanted to seek medical care for our child. for what, obviously. we wanted to understand and see with our own eyes since that evidence was available. >> barbara starr joins me now from washington. good morning, great to see you. when a terrible story. curious to know, how was this able to go on for so long with nobody blowing the whistle on it? >> this is really the question. let's start with the point that this young mother doesn't want her face shown because she doesn't want her children identified. one is the subject of abuse. she doesn't want her husband to be subject to retaliation. that's the climate we're talking about here. the actual abuse, the allegations, all happened back in september. but that phone call from president obama didn't come until december 14th because the leadership at the pentagon didn't know anything about
from the pentagon. if it could happen here, it could happen anywhere. >> reporter: this military wife and other of two doesn't want her face shown. cnn has also agreed not to show her children's faces or identify them by age. >> obviously, barbara, i am concerned about the privacy of my children. and then there's always the possibility of retaliation against my husband. >> reporter: it's every parent's nightmare. finding out her toddler was physically assaulted by child care workers at the ft. myer army day care center. the scandal grew to the point if the obama made an unprecedented phone call to army secretary john mac cue to express his concern. according to this fbi affidavit, this little boy and others were punched and slapped. one child was dragged across the floor. >> we thought, of all the different options, putting them in a child care facility during the day that was on a military base, that was pretty well-staffed, would be the safest, most secure environment for them. >> reporter: it all began back on september 26th when a parent reported misconduct. the army quickly revie
will reach its limit on borrowing unless congress acts. it only delays large cost the pentagon and other government programs. in march we may see another round of fighting. president says he hopes congress can get a deal done with a little less trauma. >> another blow in the effort to get aid areas -- aid to areas devastated by hurricane sandy. back on friday, the senate approved more than $60 billion measure to help recover is on the storm. house appropriations committee drafted a smaller $27 billion measure and the vote has been expected before congress's term ends thursday. >> secretary of state hillary clinton spent the first night of 2013 in a hospital, recovering from a blood clot. they are using blood thinners to break up the clots behind the right year. the plot-- the clot was discovered during a follow-up exam for concussions she sustained last month. it is not clear when she will leave the hospital. >> two men accused of brutally beating a d.c. man are back in court again today. they are scheduled to attend a status hearing. they faced aggravated assault and other charges and t
. he does not have the experience to manage a very large organization like the pentagon. and we've actually had-- i think leon pa98 has done a wonderful job. i supported his nomination. he did have a lot of experience prior to coming here. and if there's a place we need great management, it's the pentagon, and a great manager. >> o'donnell: senators coburn and durbin, good luck today. >> thank you. >> o'donnell: a busy day this sunday. >> we actually had breakfast together. >> o'donnell: i think the american people wish you luck, too, with your gang of eight. we'll be right back. for an idea. a grand idea called america. the idea that if you work hard, if you have a dream, if you work with your neighbors... you can do most anything. this led to other ideas like liberty and rock 'n' roll. to free markets, free enterprise, and free refills. it put a man on the moon and a phone in your pocket. our country's gone through a lot over the centuries and a half. but this idea isn't fragile. when times get tough, it rallies us as one. every day, more people believe in the american idea an
as the end of january. the pentagon prepared to offer low potentially hundred thousand workers. -- furlough potentially 800,000 workers. >> it is been years since the redskins have had a game as important as tonight. >> the redskins facing their archrivals, the dallas cowboys and fedex field. >> rg3 this came out on the field. this is it. this is what all competitors dream about, the final game of the regular season. this is for the championship. this is everything involved right here. rg3 arrived at 5:45, appearing lose, businesslike. he showed confidence all week. remember these guys were three and six. the skins have won six in a row. they're going for the nfc title. everyone is watching. it is prime-time. >> as players, you know what time your game is. you know who is going to be watching that game, whether it is a 1:00 game or a night game. everybody takes the approach, nobody wants to be embarrassed on national tv. we usually have pretty good games in the prime-time games. everyone is going to give it their best shot. >> those six wins in a row, they mean nothing tonight. what the dal
.2 trillion of cuts they live with. now mhalf are directed at the pentagon but the dramatic across the board cuts can be offset by raising taxes on the rich. >> if we have raised revenue by the wealthy paying more that is sufficient to turn off the sectsec quest tore the automatic cuts. >> senator graham told me he thinks it is possible to find 600 billion cuts elsewhere to suspend for a decade but a bipartisan agreement probably can't be reached until february or march. peter doocy, fox news. >>> 17 after the hour. still ahead is one of your new year's resolutions to save money or pay down your debt? personal finance expert vera gibbons is here with financial help for the new year. >> asking you what you thought were the biggest stories in hollywood this year. your answers are coming up. >> welcome back. 20 minutes after the top of the hour. with all eyes focused on the fiscal cliff president obama has quietly extended the warrantless wire tap law for five more years. the surveillance act let's the government monitor overseas phone calls and e-mails without a court order. it does not apply
cliff. hours to go until the deadline and as we get closer in theory, the pentagon is getting ready to layoff quite literally thousands of employees because of the automatic spending cuts that go into effect if no deal is reached in d.c. at midnight. we have more on that fall out, hunter? >> how you doing simon? ? yes, just to flush out a little bit of what ber that was talking about, is delaying the spending cuts, down to the wire of the fiscal cliff negotiations. it is an absolute must across the potomac river at the pentagon. there would be a $55 million in spending, about 10% cut in many programs while a lot could be delayed, the most immediate contingency is notifying an estimated 800,000 civilian employees about furloughs in the new year. south carolina senator lindsay graham after he was contacted by secretary of defense leon panetta. >> he says if we do that, it will shoot the defense department in the head and we will have to send out 800,000 layoff notices at the beginning of the year. he is worried to death if we don't fix he is sequester, this will hurt -- >> and there i
in cuts. how will this affect the nation's defense contracts? >> the pentagon will face $2 billion over nine years, that works out to $55 billion year cut starting in 2013. the army, navy, air force, marines and coast guard take equal, according to one military analyst who says the impact of the military is, quote, very serious. >> the pentagon and departments are in financial trouble because there has already been a 4 ebullient dollar cut. that is being applied, to take another cut on top of that is devastating. >> it is not just the military itself that will take a hit. defense contractors, private companies that work for the pentagon. one democratic congressman in virginia whose district may be hit hardest says it could mean layoffs. >> the large defense contractors will be okay. they have significant cash reserves, most of them. smaller contractors would have trouble getting their lines of credit extended, trouble keeping their employees if they can't be assured of continued employment. >> how did we get to this point? in the budget battles of 2011 these spending cuts were put in as
would a compromise look like? >> do you see any room in the pentagon budget for cuts? >> oh, yes, absolutely. look, serious conservatives need to make it very clear that taxpayers, republicans, conservatives are looking at the entire budget and saying where can we be more efficient and more effective? we have a rather large pentagon budget, larger than most of the other counties in the world that have armies, navies and air forces all added together. >> right, combined. >> and we should have a strong military. we've got to keep the canadians on their side of the border. we ought to make sure that nobody can throw a punch at us successfully, but to argue that we can't reform some of the pension questions and some of the contracting decisions that are made -- and the good news is the republican caucus, the conservative caucus among republicans, the republican study leader jim jordan made the comment that while he was concerned about how the sequester might affect defense, he was more concerned that those cuts might not take place. that was part of the strong america is not to have
. in terms of the short-term, those automatic cuts known as sequestration that would hit the pentagon hard, some other domestic programs as well. that's the biggest stumbling block tonight to a deal. lindsey graham was on "fox news sunday" yesterday. he said he spoke to defense secretary leon panetta over the weekend. he had real concerns that these pentagon cuts will be devastating. take a listen. >> he says if we do this it will be shooting the defense department in the head and we'll have to send out 800,000 layoff notices the beginning of the year. he is worried to death that if we don't fix sequestration we are going to destroy the finest military in the world at the time we need it the most. >> the bottom line tonight is both sides believe that there is a deal on the tax side of the fiscal cliff avoiding that, that you extend tax cuts basically for anyone making 450,000 or below. but the sequestration side of this in terms of the massive automatic spending cuts, they are very much up for grabs right now. and that is the big reason why we do not have a deal that is signed, sealed and
. the increasing of taxes and the sequester, the across-the-board tax cuts that would affect both the pentagon and domestic programs. joining me now with an update, a re-set, if you will, chief congressional correspondent mike emanuel. mike? >> bret, good evening, once again. it has been an interesting day up here on capitol hill after that wide bipartisan vote in the united states senate we instantly heard grumblings this morning from house republicans who said they wanted to take time to read the bill. after they read the bill they did not like what they saw. they said where are the spending cuts. raise taxes $41 for are every dollar or so that we are going to save money. that didn't add up for them and so house republican leadership spent a whole lot of time today, two different meetings behind closed doors with the rank and file allowing the rank and file to vent about the deal and talk about a way toward. they talked about the possibility of doing an amendment eceptionly to try -- essentially to try to tack on spending cuts on to the existing bill and then send it back to the united state
hit the pentagon and also domestic spend ising. they have according to the white house and senate republicans reached a deal but vice president biden is up on the senate side right now behind closed doors trying to convince some skeptical senate democrats to sign on to this before this piece of legislation hits the senate floor. we begin with our restart and to tell us exactly where we are at this hour, and this hour by the way is just two hours ahead of 2013. there you see the specifics of the deal. the framework. tax hikes on family income above $400,000 for an individual. $450,000 for a family. the top tax rate going to 39.6% from 35. 39.6% is the clinton range. the tax rate back in president clinton's term in office. prevents the expansion of the alternative minimum tax. the amt. essentially patches it permanently, the amt. that had long been a an annual chore for congress. extends long-term unemployment benefits and deals with a number of other specifics including tax credits and sets the estate tax individually at $5 million and an additional in tare hans beyond that at 40 o
the decision to invade iraq in 2003, but later, criticized the pentagon's war planning. mostly, though, schwarzkopf devoted his time to serving as a board member and spokesman for charitable causes, living quietly in tampa, florida, where he died yesterday at the age of 78. in a statement, the first president bush, now ailing himself, called his gulf war commander "a true american patriot and one of the great military leaders of his generation." for more on general schwarzkopf and his legacy, we are joined by "new york times" reporter michael gordon. he co-authored the book, "the generals' war: the inside story of the conflict in the gulf." michael, welcome. take us back first of all to the gulf war more than two decades ago. what was it about general schwarzkopf and what he did is that made him be regarded at least by many as a hero. >> well, this is the time in which the american military did not have the confidence of the american public the way it does now. whatever people think of the wars in afghanistan or iraq, they generally believe that the military has done its part. and that
. president obama stands up for his possible pentagon pick chuck hagel, but the president hasn't exactly committed to haag e's nomination. could it have something to do with the onslaught of republican criticism of the former senator? we'll tackle cabinet concerns next on "now." [ female announcer ] over the years, your mouth has sipped, snacked, ...yellowed... lived, loved, ...yellowed... chatted, chewed, ...yellowed. and over all those years, your teeth...have yellowed. fact is, if you're not whitening, you're yellowing. crest 3d white whitestrips remove over ten years of stains by going below the enamel surface. and, they whiten 25 times better than a leading whitening toothpaste. crest whitestrips. life opens up when you do. >> secretary of state hillary clinton remains hospitalized in new york city this hour with a blood clot which her office says stemmed from the concussion she sustained several weeks ago. clinton will be evaluated over the next 48 hours and is taking blood thinners to reduce the close, the location of which has not been revealed. her hospitalization is likely to f
about the pentagon. talk about federal workers. talk about obviously the unemploy unemployed whose benefits are going away. >> absolutely. the biggest -- the most dangerous thing, the fiscal cliff is the unemployment insurance. if we go over for a month we can sort of trick everything else. we can -- the irs can do some tricks to make it so you don't feel tax increases quickly. we can do tricks to make it so we don't lay off people at pentagon, we can furlough them. there's no trick with unemployment insurance. if we go over the cliff and don't do anything by unemployment insurance, 2 million people, hardest hit by the recession, will lose their unemployment insurance. that's number one. we're going to have the payroll tax cut expire, that's probably going to happen if we do reach a deal, that's one of the most important pieces of stimulative policy. the same said for refundable tax credits, helps poor folks. the same with the child tax credit. these have been really important for the working poor. you're going to see very, very big cuts to the government over time. we could paper
the wall street journal, or the pentagon indicated they wanted to maintain 6000 to 15th thousand u.s. troops following 2014. that is the issue under discussion now. there's approximately around 340 0,000 afghan security forces in place, including the police. the pentagon recently indicated i don't believe there was a major unit capable of operating independently from nato support. there was some manipulation of the metrics they were using where the things appear to be making more progress than perhaps they were. that came out in a white paper. what will be the long term success or failure of the afghan national security forces is yet to be determined. they need about $4.1 billion a year to continue at that level, which is more than the entire government revenues in afghanistan. so it's gone to take a long-term commitment of foreign powers to maintain that size of armed forces. the afghans have proven that they are excellent fighters. the question is will they be excellent soldiers for the government of afghanistan? host: one other question, how stable do you think the karzai govern
cuts to the pentagon and other government programs. so, in march, we may see another round of fighting. president obama says he hopes congress can strike a deal with a little less drama. paula and john? >> don't count on it. >> let's hope so. round two of the spending cuts. what are the chances that republicans go along with raising the debt ceiling? i know they believe maybe they have a little leverage now? >> reporter: i feel like we've seen this movie before. republicans are going to have to vote for raising the debt ceiling. but they want deeper spending cuts and deficit reduction. and they'll probably get it. but it could be another ugly fight in two months. >> it's interesting that john boehner and paul ryan voted in favor yesterday, as well. interesting dynamic there. tahman bradley in washington. thank you, tahman. >>> and new york lawmakers are furious this morning after the house ditched a vote on billions of dollars of aide for victims of hurricane sandy. house gop leaders decided to wait for the new session of congress before taking the vote. new york republican peter king
pentagon budget issues coming up. so there's some talk about him wanting to hang on and try to manage the budget issues that are going to hit the pentagon over the next few months. host: we're taking your calls with david jackson, the white house reporter for u.s.a. today. first up is doug from oklahoma on the democratic line. good morning. caller: good morning. i had a question about geithner. hadn't he said something earlier about wanting to leave? guest: that's correct. host: around the inauguration was the quote. host: how would you feel about geithner leaving? do you want him to go as a democrat? caller: that's a good question. no. no. guest: the caller is right. geithner has said publicly he wants to leave around the nomination. but with the uncertainty, i don't think the administration would want him to leave as long as these issues are hanging. so we get a fiscal cliff this deal and i think he's going to be gone by the end of the month but i think it's kind of up t in the air. host: says a contender for his job would be jack lew. guest: that's the betting money. is his job if
to continue it. >> thank you, john. tom: breaking news for you, we have to get in pentagon co confirming retired general normanorman has died he was 7 pizza hut's $10 any pizza deal is back. any pizza, toppings, sizes. ...ten bucks. the meat lover's pizza. ...ten bucks. delivery, dine in or carry. ...out of this world pizza. pizza hut's $10 any pizza deal is back. now, that's how you make it great. to come home for the holidays. that's double miles you can actually use... sadly, their brother's white christmas just got "blacked out." [ brother ] but it's t family party! really jingles your bells, doesn't it? my gift to you! the capital one venture card! for any flight, any time! that's double miles you can actually use! how ilminating. what's in your wallet? let me guess, am on the naughty list again? ho ho ho! tom: marta decker burgs family is confused by the privacy policy. his sister who is also the marketing director posted this photo on her face but page and she thought only she and her friends could see it.
. they seem desperate to do that. plenty of liberals say, go over the cliff. big cuts in the pentagon and big tax hikes. the white house, from all indications that i've seen, they don't want that to happen. they are scared of what could happen to the markets. >> why aren't they dalg dealing with boehner? dana, be go ahead. jumpb in here. >> i think they won their negotiating power once boehner last week failed. as dana pushed out, the only thing that can get boehner is to do something. >> reporter: i think that you're right when i said that democrats don't think that the president will have much political damage. that does seem to be coming more from democrats here in congress than in the white house. democrats here in congress feel that it's a win-win for them politically. the one thing i will tell you very quickly, the pushback on this narrative that i heard from senate republican leader in the hallway. he said, do you remember who the speaker was during the hoover administration? i said, no. he said, that's my point. nobody will remember who the speaker was if ge into a recession but it's
part of some last-second deal. hit the defense department. but the pentagon's real problem is not those cuts, but the ones that are going to be coming over the next decade. we talked to military contractors, top officials at the pentagon. they see a long period of downward decline. that after the war in afghanistan, there's going to be a period of austerity. they're calling it -- they have a term around the pentagon, a very graphic self-amputation as they cut back over the years. and this was one of the reasons that president obama had, at the top of his short list, the former republican senator, still a republican, chuck hagel of nebraska. he's somebody who's talked about the pentagon as being bloated, had very specific ideas about how to cut it. but mike, sam, the table, we're hearing that that trial balloon has been popped. that senator hagel has a possibility for secretary of defense, has really lost a lot of altitude. and what they discovered was, there's not a natural constituency for him. republicans, as you guys know, have fought with him over the years. he was against the war i
and exchanges. >>> a bus bomb targeting. we are live from the pentagon with details. >>> his time has come again, a man from the '60s is getting a start again, lester chambers joins us back. >>> welcome back to "starting point." we've been talking about the blizzard and storm warnings from the deep south all the way to new england. we'll look at seymour, indiana, lexi sheen has drawn the short straw, she's from wlky and getting hammered. >> reporter: that's right, drew. things have calmed down. let me give you a look behind me. you can't see the tire tracks from where we came in 5:30 but the roadways are snow covered, two, two and a half inches have fallen since 4:00 this morning. we barely missed having a white christmas in seymour, indiana. indiana state police are advisi advising people to stay off the roads. they are urging everyone to stay home if it is at all possible and kind of a good day to do that. we were pointing out earlier this is the good snow, the stuff the kids like to play with, snowballs, snowmen, all of that good stuff but it is still dangerous. the roadway is slippery, slush
, the massive amount of spending cuts that will kick in at the beginning of the year to harm the pentagon and other agencies. if they are getting anything, there are low expectations but if they get anything it will be a very small deal, something much smaller than they have been talking about for weeks, jon. jon: there aren't too many people these meetings. so a little hard to get an assessment, what is your idea, what is your best, yeah, assessment i guess how things are between some of these leaders? >> reporter: they have gotten pretty tense the last couple of days as they have come back from the christmas holiday. we saw yesterday senate majority leader harry reid basically accusing john boehner of running a deck tate toreship, that was his word in the house of representatives. reid piled on a little bit late yesterday afternoon and senate republican leader mitch mcconnell responded. take a listen. >> speaker boehner should call members of the house back to washington today. he shouldn't have let them two in fact. they're not here. they're not here. john boehner seeps to care more ab
their budgets cut, depending whether it the pentagon or other agencies. the agencies can try to shield some programs for others. social security benefits are not going to be cut. the pay for pentagon officials is not going to be cut. if this drags on into march or april, they will have to do furloughs, is essentially giving people vacations. host: the headline from "the wall street journal." is that one way to do that? guest: that is a painful way to do that. when people do not have money to spend, the economy is not going to grow. if this goes on for a couple of days and the stock market falls dramatically, congress and the white house may be able to avoid some of the long-term consequences. if everybody digs end, more disasters things could take hold. host: the president, vice president, speaker of the house, democratic leader of the house, will be meeting today. from the reporting you have done, what will be happening? guest: they could sit down and cut a deal in five minutes. they know all the issues. they know where their parties are. they could sit down in five minutes, shaking hands,
for the pentagon. defense cuts are coming in a big way. a look at world currencies and how they are holding up against the dollar. ♪ [ malennouncer ] it's tt me of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you realldon't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it findone, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all youeed is a magic carriage. citi price rewind. starsaving at dagen: more good news for recovering the housing market. home prices in the 20 city index grew 4.3% from a year ago. chicago, new york were the only two cities with negative returns and october. starbucks urging washington to come together on the fiscal cliff. literally. the ceo is building employees that all d.c. area employees should write things on the cops. they want to serve as a rallying cry. of course, that is also a marketing ploy. you can get there from here
it would have especially hit the pentagon those have been delayed for at least two months. so it's something that they are going to have to tackle again. the other big problem what it does to the deficit more than 4 trillion of added debt that had a -- had many republicans voting against it. >> that is going to be huge debate over raising the nation's debt ceiling the president will push for an automatic increase in that. they will want to extract something in the way of spending cuts. we have been through this before. because republicans didn't get much of anything in spending cuts and the deal last night they will look for big ones in the debt ceiling negotiation. >> we hit the december ceiling november 21st but they put in emergency measures. what can you tell us about those measures? >> we know there are accounting gimmicks they can use to extend this. they can buy maybe a couple a month. they can negotiate the deal the president wanted to have some kind af debt ceiling raised as part of the agreement. this was kicked down the road. it is something in the way of spending cut
for 2 million unemployed. and puts off automatic spending cuts on the pentagon and domestic programs for two months. now back to "the five" new year's eve special. for all of your headlines, go to our web site at five." ♪ ♪ ♪ ♪ >> juan: getting redty to party. the last segment we took a look at the serious moments on "the five" this year. now let's get to the good stuff. roll the tape. ♪ notice >> are we non- >> bob. >> sorry. ♪ ♪ notice ♪ ♪ >> hostess brand maker of twinkies. [ laughter ] >> lockness monster was a hoax. >> what? that is a hoax? it's not real? >> oh, man. i'm really going to upset you now. saskatchewan. >> that's sasquatch. >> that's why they only ate grass. >> the eyes were here -- >> my dad said pay your bets and pay them on time. >> give us a profile shot. >> the other segment was my other half. >> puerto rican and irish. >> yes, thank you. >> good combo, right? >> there must be food safety standard. >> that wasn't a food cart you bought it from. >> what was it? >> age makes you more full of wisdom when you were a jerk most of your l
cuts aimed at the pentagon and elsewhere. >> the revenues have to be part of the equation in terping off the sequester. >> trouble on the left as well. senators grumbling the president gave away too much on the tax threshold of $450,000 or more. the white house is pushing back by saying that the president held firm on 39.6% at the top rate despite reports he might negotiate down to 38%. bret? >> bret: ed. in that event, the president didn't have a lot of details. it seems to be framed much like as you mention ad campaign style event. perhaps a signal that this is what we may see in the new year if the battle over the debt ceiling heats up in the next few weeks. >> in doubt. he did two things. going out and hitting republicans hard at this event he was making clear if they don't have the final deal, he will go out on the road and pound them in the days ahead to put the blame on them. the second thing he was doing, not just on the fiscal cliff. on immigration and other irks in the days ahead -- issues in the day ahead. he is going to take it to the american people on issue after issue,
especially to are very upset with the cuts that would hit the pentagon. it may be difficult to rally republican votes if they cannot turn off the sequester. on the democratic side, the estate tax could be a problem. the republicans are insisting that the estate tax stay at current levels, which is exempt states up to $5 million. many democrats would like to see -- in january, it is scheduled to come -- it is scheduled to go up dramatically. on states as small as a million dollars would be taxed. most democrats want to see something in the middle. they're adamant that we cannot exempt states as large as $5 million. that could be another sticking point. >> lori montgomery, to expect anything else to go on today? when is the earliest that the senators will come back in for session tomorrow? >> the senate is due back in at 1:00. the house is due at 6:30. the house is the big question mark. it is very difficult to imagine what could pass the house. as for today, it is an excellent question. the senate is not in, the house is not in. my understanding is we're going to have basically everyo
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